BR Advisory Partners Participações (BRBI11) Q3 2025 earnings summary

Executive summary

• Revenue and net income declined year-over-year due to a challenging macroeconomic environment and restrictive monetary policy, but profitability and liquidity remained resilient.

• Net income for Q3 was R$42.2 million, down 6.6% quarter on quarter and 15.8% year on year; nine-month net income was R$130.5 million, down 13.9% year on year.

• Awarded Best Investment Bank by M&A Advisory, Best Capital Markets Department by Euromoney, Leaders League M&A category for 2024, and Investment Banking of the Year (South America).

• Extraordinary dividend of R$107.1 million approved for Q3, with an annualized dividend yield of 13.9% and cumulative payout since IPO exceeding R$661 million.

Financial highlights

• Total revenue for Q3 was R$133.3 million, down 4.3% quarter on quarter and 15.5% year on year; nine-month revenue was R$400.1 million, down 8.5% year on year.

• Client revenues for 9M25 reached R$300.7 million, a 10.1% decrease year on year.

• ROAE for Q3 was 20.9%, and 21.6% for 9M25.

• Net margin for 9M25 was 32.6%; efficiency ratio improved to 45.8% in 9M25.

• Compensation ratio was 23.8% in 9M25, reflecting lower bonus provisioning.

Outlook and guidance

• M&A and capital markets pipeline is improving, with expectations of a constructive scenario in 2026, subject to interest rate cuts and election outcomes.

• Revenue diversification in non-cyclical verticals has reduced volatility, with non-cyclical business revenue growing at a 34.6% CAGR since 2020.

• Dividend payout policy set at 60-65% of results going forward.